AUD/USD retreats from 0.6680 as the markets await Trump’s conference on China

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The Australian dollar has failed again to break the resistance level at 0.6680 and the pair has retreated to levels near 0.6600 as risk appetite plunged ahead of US President Trump’s conference on China.

 

Aussie retreats on concerns about US-China tensions

The risk-sensitive AUD/USD has retreated from 2, ½ highs earlier on Friday, as market sentiment deteriorated during the US trading session. Market optimism triggered by the re-opening of the main economies has faded today, with the investors holding their breath ahead of Trumps conference.

President Trump has been threatening this week with a strong response to China's new security law to increase control over Hong Kong. This verbal escalation has boosted investors fear that the tensions between the world two largest economies might affect international trade, hampering the post-coronavirus recovery.

 

AUD/USD expected to remain capped below 0.6659/0.6706 – Credit Suisse

 

The  FX analysts’ team at Credit Suisse see the current uptrend highly likely to be capped below 0.6706: “We look for the 0.6659/6706 area to cap and see weakness taking over again in due course. With this in mind, we see support initially at 0.6610, then 0.6538, ahead of the late May lows and 21-day exponential average at 0.6507/06, where we would expect to see fresh buying at first.” 

 

AUD/USD key levels to watch

AUD/USD

Overview
Today last price0.6641
Today Daily Change0.0004
Today Daily Change %0.06
Today daily open0.6637

 

Trends
Daily SMA200.651
Daily SMA500.6343
Daily SMA1000.6484
Daily SMA2000.6658

 

Levels
Previous Daily High0.6668
Previous Daily Low0.6587
Previous Weekly High0.6617
Previous Weekly Low0.641
Previous Monthly High0.657
Previous Monthly Low0.598
Daily Fibonacci 38.2%0.6637
Daily Fibonacci 61.8%0.6618
Daily Pivot Point S10.6593
Daily Pivot Point S20.655
Daily Pivot Point S30.6513
Daily Pivot Point R10.6674
Daily Pivot Point R20.6711
Daily Pivot Point R30.6754